Company signs deal at Natchez port

May 3, 2014 11:04:18 PM

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NATCHEZ -- Natchez and Adams County officials aren't making public any details about the sale of four acres at the local port.

The county signed off on the agreement Thursday.

Natchez Inc. Executive Director Chandler Russ told The Natchez Democrat the company is a major player in the Tuscaloosa Marine Shale development and could invest up to $5 million in the area and create 20 new jobs.

Russ said local officials are under a confidentiality agreement. An official announcement could come in 30 to 60 days.

"This company is looking to establish a presence and footprint in the port area for the movement of their liquids in and out of the TMS," Russ said. "We expect that to continue to grow and expand over the course of the play," he said.

Tuscaloosa Marine Shale formation is located in southwest Mississippi and central Louisiana. Experts have said the formation could hold 7 billion barrels of oil.

Supervisor Mike Lazarus said the agreement came with a reverter clause requiring that if the company did not develop the site in three years the land would revert with the county and the county would be allowed to keep the funds generated from the sale.